March 1, 2022
Soybean harvest in Argentina's central zone expected to be lowest in 14 years
Argentina's Rosario grains exchange said the country's 2021/22 soybean harvest in its central core farming region is expected to fall to its lowest level in 14 years due to drought, Reuters reported.
The Rosario grains exchange said soybean harvest in the core farming zone is expected to be 12.4 million tonnes because of the dry weather.
In the core region, where 4.45 million hectares of land were planted with soybean, 2 million hectares are in regular condition and 670,000 hectares are in bad condition. 185,000 hectares are considered to be lost.
The exchange said that is about 30% of expected harvest lost, citing its cut to 12.4 million tonnes from 17.7 million tonnes it projected in October 2021.
The exchange slashed its forecast for nationwide soy production to 40.5 million tonnes from 45 million tonnes because of a drought affecting different farming regions since December 2021. It also slashed its corn production forecast to 48 million tonnes from 56 million tonnes.
The Rosario exchange said is likely that negative adjustments will continue, even with moderate to heavy rains expected over the core belt.
Argentina is the biggest soybean oil and meal exporter in the world, and the second biggest exporter of corn.